The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-03-30

| Manhattan IA Having Something LiksFn
Doom of her Own-rho Way II Works.
Ieg York Tim@. .
The dealings on the floor Of the Real
Estate Exchange during the past week
foot up 1000, 900 Tor four good working
days, the other two days recording little
worth taking into account. Without speci-
Tying the lots involved, here are a few
cases, taken from the books and memories
of brokers, 10 illustrate what the west side
movement has done:
A plot on Ninth avenue, near the Forty
frat street elevated station, sold less than
three years Sgo for 5000 q lot. The pur-
chaser improved it with Elk houses III five
full lots. StoreH were put on the street
floor and flats above. Tho houses turned
out as good ss tho average fist house, and
tho property improved coet within 100000.
Four OF the houses repaid the total outlay
at quick sales. The fifth brought $4,000,
which represented the cash yield in profit
within a year OF the original purchase.
lSoon aiterward the sixth house, which ia
on . corner, brought SIS. 900. Thus with
lin a year and g hail m investment OF
lsGO,OOO yielded Sl03,000. The buyer OF
the corner house wanted q bow window
on the side street, and spent $1,000 on
that Improvement. He was Immediately
offered $4,000 for the houae, or a profit OF
$1,000 on his investment. de would not
cell. That was q year ago. He could
easily get $4,000 for the hoCse noT.
Five lots on Tenth avenue that sold lsst
summer ior $50, 900 have just been sold
for ) $1,000. Such @ sale is quite ordin-
ary. Arasl estate dealer bought q house
in an old fashioned row on one Of the
CROSS streets before the lest boom had fair
ly elarted for $4,000. The block wRs
| built Up at the time, and there have been
few improvements in it Since then. AS
| thew happen to be in the favored section
these houses woald be snAtched up eager.
" Al SIT, 600 each il put in tho market.
| BY way Of contrast it may be said that in
| the long-Bettled east side sections, where
q house is mover vacant, a house worth
$1,000 fifteen years ago would be consider
edwell soldif it broughttbGt sumthis year.
H~ouseholdeIs have learned a trick or
two by reaeon OF this condition of ailaird.
The great majority OF the west side houses
arc put up on builders loans. A mnn
will buy several lots and advance 8 builder
from 20 to 50 per cent OF the cost Of coz
structing houses. retaining a first lien
on the property. Then the builder sells
and takes his profit in cash, which need
be only 10 per cent. or no on the purchase
money. II ia easy 10 get NJ eighteen thou
sand dollar house by paying $1,000 down.
This leaves the buyer with ) per cent. 10
psv yearly Of $l5,G00, or $3.50 and the
taxes, insurance anu rcpSi.s. In other
| wordg, for . maximum oil Il 600 q year, a
householder can get honse iu the favored
| ~gection, which he couldn't hire for 81, 800,
and no has the title 10 g house which will
become more valuable il the boom in thGt
section continues. In a year or two, rs
such Thugs have been going, be can step
out with enough profit to have lived rent
free.
Nor does this apply alone TO the par
liCUlar stretch Of land bet tween SiXty-liit:
and One Hundred GnI Fourth streets.
Lots on st. Nicholas avenue ara booming
up toward Fifth avenue prices, and II
| William II. DcForeBt does not turn q cool
S50O,OU0 on HE investment OF shout that
amount in The tract from Que Hundred
and Fo,.y.eighlh street, known ae the
Hamilton Grange, real estate men will be
much 8stoniahcd.
In ren.a!a business 10 now quite briHk,
win no special change from recent figures.
Good store: property ie taken aa iaUt &c
offered, and the demand lar offices i'm
provea. Dwellings, rent well, ut figures
quite equal TO lapt years Oh tho average.
Rent agents, predict the usual brink dc.
mands for April. Such demands will
come mainly from people Who habituaIly
hold of in the hope Of cGnCtGsi0n9 from
frightened landlords.
Iftllc oitustion ia any way different this
yeGr from that usually pTeRrnted in the
moving aeason it is somewhat against tho
%lceecrs. At the Office OF Ferdinand Fish,
aloac specially Is in buaiuees and office
rents, it il announced that tho iirRt.Claap
buildinRB down to.a arc practically rent-
ed. a lsw good offices may ye! be picked
up, but nearly all Of them aIc to he found
in buildings without ciUva.Gm. Tenants
will pay as never before for modem con
vpnicncpp. SO much in pxCesB Of former